Tuesday, August 16, 2022

July Update | We're Back!

          



It seems as if the market has rebounded from the mortgage rate increases.  The general consensus among agents is that there was a bit of a recoil with active buyers as the rates increased.  Buyers that are starting their search now are running their numbers based on current rates and didn't see their projected payments increase as rates jumped.

The market was pretty stable for July with the absorption rates fluctuating a bit, but still well within seller's market territory.

Pending sales saw dips in Hoboken and downtown Jersey City.

Days on the market for downtown Jersey City dropped to 22 days, which ties May 2022 for the lowest on record since I began tracking data in 2009.

The rental market continues its run with properties renting for way more than last year.  Landlords of rent controlled apartments are torn between keeping the rents where the town says they should be or where the market tells them.

Happy Hunting!






Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 
Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenJerseyCityRealEstateBlog.com





Tuesday, July 19, 2022

Market Slows a Bit, But Not Much | June 2022 Real Estate Update

         




The pace of sales dropped slightly for Hoboken and downtown Jersey City as the market reacted to the rapid mortgage rate increases.

Pending sales also dropped for Hoboken and downtown Jersey City for the same reasons.

The days on market dropped to 15 days for Hoboken.  This is the lowest rate recorded since I started tracking data in 2009.

We are off a bit from our peak levels as we begin to see what sort of change the mortgage rates will have on the real estate market.

The market is still strong but the absolute craziness has died down a bit.

And yes, we are still seeing bidding wars for some properties.

There was a slight pause in the market as buyers that were searching for properties saw the rates escalate and their buying power diminish.  Buyers that started looking after the increases didn't see their buying power with a 3% mortgage so are used to what they see with a 5.5% interest rate.

The rental market is still on fire with apartments often receiving sight-unseen over-asking price offers. This craziness has been going on for several months now even before the mortgage rate increases.


Happy Hunting!






Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 
Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenJerseyCityRealEstateBlog.com





Friday, June 10, 2022

May Report | Hoboken 2BR Reach All-Time Highs! Strong Performance in Downtown JC!

        






Hoboken properties haven't sold this quickly since June 2017.

Downtown Jersey City properties haven't sold this quickly since May 2017.

2BR condos in Hoboken reached an all-time high of $809.55/sq.ft.

3BR condos in downtown Jersey City haven't sold at these prices since November 2017.


Hoboken

The supply of properties cannot keep up with demand at the moment.

Hoboken properties sold in an average of 21 days this month and 2BR condos reached an all-time high of $809.55/sq.ft.  

Seller are still receiving multiple bids for the right properties.

107 properties were sold in Hoboken in May.  We haven't seen more than 107 sales since June 2017 when there were 108.




Downtown Jersey City

The supply of properties in downtown Jersey City also cannot keep up with demand.

Properties went under contract in an average of 22 days.  Properties haven't sold this quickly since May 2017.

We are also regularly seeing multiple bids in downtown Jersey City

3BR pricing hasn't been at these levels since November 2017.

Happy Hunting!






Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 
Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenJerseyCityRealEstateBlog.com





Thursday, May 12, 2022

April Real Estate Update | Are Multi-Bid Situations The Norm Right Now?

       





The market has continued its rapid pace despite the rapidly rising interest rates.  


Hoboken


For April, properties continued to sell at a rapid pace with inventory remaining very low at 7.41 weeks, a 3.14% reduction from last month.

Total sales increased again in April by 24.10% to 103 units.  Total sales increasing against low inventory is keeping the market very active.

Studios increased 11.22% this month to $914.58/sq.ft. and 3BR condos increased by 1.17% to $860.40/sq.ft.  

1BR and 2BR units saw modest decreases of 1.77% and 1.23%, respectively.


Downtown Jersey City

Downtown Jersey City performed very well again in April with inventory shrinking another 1.55% to 10.83 weeks.

Low inventory coupled with increasing demand pushed total sales up 14.29% to 72 units.

Again, the low inventory and high demand is causing properties in downtown Jersey City to sell for over asking and in several cases for significantly over asking price. 

It does seem at the moment that every good listing is involved in a multi-bid situation.

Further indication of an active market is the fact that the days on the market (DOM) decreased 35% to just 26 days.  Impressive.

1BR units saw a 6.76% increase to $794.02/sq.ft. while 3BR units saw an increase of 13.65% to $750.31/sq.ft.

Happy Hunting!






Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 
Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com





Thursday, April 21, 2022

March Hoboken/Downtown JC Real Estate Update | The Market is STRONG!

      



The spring market has arrived!

We are starting to see properties selling for significantly over asking price.

I do expect to see the average sales price to top 100% in the upcoming months if this pace continues.

The moral of the story is simple....buyers should be prepared to go over asking price for an ideal property and sellers...now may be the perfect time to sell.



Hoboken


Inventory for March decreased to just 7.65 weeks as we enter the busy spring market. This is a decrease of 33.30% as compared to last month.

Total sales ballooned to 83 units for a 72.92% increase over last month. Increasing total sales coupled with low inventory is the reason why we are seeing many properties selling for significantly over asking price.

Studio, 2 and 3BR condos all sold for over $800/sq.ft.  This is the first time this has ever happened in Hoboken.

Pricing for all segments are up significantly from this time last year.

As expected, the 1BR numbers that dropped to $680.31/sq.ft. because of some well-priced fixer upper units rebounded to $769.00/sq.ft.

Overall, a very strong month.


Downtown Jersey City

Downtown Jersey City did equally as well for March with inventory shrinking to 11 weeks, a decrease of 37.75% from February.

Again, the low inventory and high demand is causing properties in downtown Jersey City to sell for over asking and in several cases for significantly over asking price.

Total sales saw a strong increase to 61.54% to 63 units as we enter are spring market.

1 and 2BR units saw very solid gains of 3.97% and 5.99%, respectively.

Happy Hunting!






Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 
Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com





Tuesday, March 15, 2022

Continued Strength in February | Your Local Real Estate Update

     





Hoboken

The pace of sales increased to 11.47 weeks based on normally slow winter activity.  These number are still a strong indicator of a seller's market.

Total sales are down to 48 units which is normal as we come out of the winter months.  Pending sales are up 29.93% which is an indicator of sales activity in the next 30-60 days.

3BR continued their strength this month with sales averaging $927.45/sq.ft.

1BR units did dip to $680.31/sq.ft., but that was caused by two fixer upper properties that sold way, way below market.  These numbers will rebound next month for sure.



Downtown Jersey City

The pace of sales increased to 17.67 weeks which is also based on slow winter sales.  With pending sales up 29.66%, we will see the pace of sales increase as these pending sales close.

Following the seasonal trend, total sales are down 26.42%.  This will also change as the pending sales close in the next 30-60 days.

Pricing for 1-3BR units was fairly stable this month, with the highlight being 3BR units that increased 6.69% to $853.28/sq.ft.


Happy Hunting!






Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 
Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com





Friday, February 11, 2022

Hoboken 3BR Hits All-Time High | Jan '22 Real Estate Update

    



Hoboken


The market is off to a solid start for 2022 with 3BR units posting big gains.  There were 4 units that sold over $1000/sq. ft. with 1 unit selling at $1415.97/sq. ft. 

There have a been a lot of multiple bid situations over the last few weeks, especially in the 2BR market. I will be curious to see how those sales will drive pricing in the upcoming weeks.




Downtown Jersey City

The downtown market slipped a little in January with 1BR pricing sliding 12.58% and total transactions slipping by 29.33%.  

Following Hoboken, pricing for 3BR units also increased by 14.38%.

There has been a lack of properties in the downtown luxury buildings over the last several week.  Hopefully this will change in the upcoming weeks.


Happy Hunting!






Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 
Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com